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FX Banking, Inc.
To make money trading you need to practice!
Start practicing your Stock chart skills using a simulator specifically designed to accelerate your learning curve.
According to a recent study at the University of California, 90% of inexperienced stock market traders lose money.
SO HOW DO YOU GET TO BE IN THE TOP 10%
WHO ACTUALLY PROFIT?
The answer is a combination of technical smarts, fundamental analysis and PRACTICE, PRACTICE, PRACTICE.
So practicing your trading is importantâ€¦but you have to practice correctly for it to be of any value.
If you are trading with real money in the market you are not practicing!
Whenever you have real money at stake your learning curve is going to be corrupted by your emotional response. How do your emotions prevent you from learning? They make you focus on the wrong things at the wrong times:
â€¢ Fear â€“ Fear is the enemy of rational judgement. Fear makes you follow momentum instead of anticipate it. Fear keeps you from buying when a stockâ€™s downward move stalls and fear makes you sell too soon before youâ€™ve had a chance to make a big profit.
â€¢ Greed - Greed keeps you in the game too long. Greed makes you ride that spike up and then stay in as it comes all the way back down. When your emotions are influenced by greed you are seeing the future, not the present.
â€¢ Pride - Itâ€™s hard to take a loss, even when it is the right thing to do. Too many investors hold on to a loser long past the time that they should have sold. Coupled with pride is overconfidence. Whoa betide a novice trader who gets lucky with their first few trades-those are the guys that leverage themselves up and then wipe themselves out!
How do you practice trading in an emotionless environment?
The answer is simulation. Simulation allows you to pretend to trade real stocks using virtual money.
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